1. Think of it as **Veeam** or **Commvault** (traditional data backup) rebuilt for the cyber-threat era, offering AI-powered data security and guaranteed recovery from ransomware.

2. It's like the **Salesforce** (cloud-native SaaS leader) for enterprise data security and cyber recovery, managing your most critical data's resilience.

3. It's akin to **CrowdStrike** for your data itself, providing advanced cybersecurity and unparalleled recovery capabilities directly at the data level, not just the perimeter or endpoint.

• Rubrik Security Cloud (RSC): A cloud-native SaaS platform that provides Zero Trust Data Security to help organizations achieve cyber resilience by protecting and recovering data across enterprise, cloud, and SaaS applications from cyberattacks and other disruptions.

Rubrik (RBRK) sells primarily to other companies and organizations, not individuals. The provided company description indicates that Rubrik's customers are "organizations of all sizes across a wide range of industries and geographies" that leverage Rubrik Security Cloud (RSC) to secure their data across enterprise, cloud, and SaaS applications and achieve cyber resilience.

However, the provided text does not name specific customer companies or their symbols.

Bipul Sinha, CEO, Chairman and Co-Founder

Bipul Sinha is an entrepreneur, engineer, and venture capitalist, currently serving as the CEO, Chairman, and Co-founder of Rubrik, Inc. and a Venture Partner at Lightspeed Venture Partners. He was previously a Partner at Lightspeed, where he focused on software, mobile, and Internet investments, including Nutanix (where he was a founding investor and board member), Pulse News, Bromium, and PernixData. Before Lightspeed, he was a founding investor and board member for Nutanix and Hootsuite at Blumberg Capital. Sinha also held engineering positions at Oracle Corporation, American Megatrends, and IBM, and holds several patents in distributed computing. He led Rubrik to a successful IPO on the NYSE in April 2024.

Kiran Choudary, Chief Financial Officer

Kiran Choudary leads Rubrik's finance, IT, product operations, and workplace teams. Prior to joining Rubrik, he served as VP of Finance & Strategy at Atlassian and contributed to its successful IPO in 2015. Before Atlassian, Choudary was a VP at Goldman Sachs, where he advised technology industry clients on capital raising and mergers and acquisitions. His early career included leading software development teams at Oracle.

Arvind Nithrakashyap, Co-Founder and CTO

Arvind Nithrakashyap possesses extensive experience in building storage, databases, and distributed systems. He previously led the real-time ad infrastructure team at Rocketfuel and started his career at Oracle, where he co-founded the Exadata storage platform.

Peter McGoff, Chief Legal Officer

Peter McGoff brings over 20 years of legal experience, having served as the top attorney at various public and private enterprise-focused technology companies. Before Rubrik, he was Chief Legal Officer and Corporate Secretary at Box, contributing to the company's successful IPO in 2015. He also held the position of Senior Vice President and General Counsel at Informatica Corporation, then a public enterprise software company.

Mike Tornincasa, Chief Business Officer

Mike Tornincasa has 20 years of experience in business development and technology sales. As an early employee and Rubrik's first VP of Sales, he played a crucial role in leading the company's go-to-market innovation and its evolution in data security. Prior to Rubrik, Tornincasa held sales roles at companies such as EMC and Medallia, Inc.

Key Risks for Rubrik (RBRK)

1. Evolving Cyber Threat Landscape: Rubrik's core mission is to secure the world's data against cyberattacks. A significant risk is the continuous evolution and increasing sophistication of cyberattacks, which could potentially render Rubrik's "Zero Trust Data Security" platform and solutions less effective or obsolete if the company fails to adapt quickly and develop countermeasures for new threats and attack vectors.
2. Intense Competition and Rapid Technological Change: The cybersecurity market in which Rubrik operates is characterized by intense competition and rapid technological advancements. Rubrik faces the risk that new entrants with disruptive technologies or existing competitors developing more advanced, efficient, or cost-effective data security and recovery solutions could erode its market share, impact its pricing power, and hinder its ability to acquire and retain customers.
3. Dependence on Business Data Growth and "Land and Expand" Strategy: Rubrik explicitly states that its "business is indexed to business data growth." A key risk is a potential deceleration in the overall growth of business data globally, or if customers do not expand their usage of Rubrik's platform across new applications or with additional data security products at anticipated rates. This could negatively impact Rubrik's subscription annual recurring revenue and overall financial performance, as its growth strategy relies heavily on this "land and expand" flywheel effect.

Rubrik's total addressable market (TAM) is projected to be approximately $36.3 billion by the end of 2024, growing to around $52.9 billion by the end of 2027, at a compound annual growth rate (CAGR) of 13%. This market size is global and is categorized into two main segments, according to Gartner.

The first segment, Data Management, which includes Backup and Recovery Software and Archive Software, is estimated at approximately $12.9 billion by the end of 2024, and is expected to reach $15.4 billion by the end of 2027.

The second segment, Security, encompasses Application Security, Cloud Security, Cloud Security Posture Management, Data Privacy, Data Security, and Privileged Access Management Software. This market is projected to be approximately $23.4 billion by the end of 2024 and grow to about $37.5 billion by the end of 2027.

Expected Drivers of Future Revenue Growth for Rubrik (RBRK)

Rubrik (RBRK) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

• Expansion within Existing Customers: A primary driver is Rubrik's "land and expand" sales strategy, which focuses on increasing revenue from its current customer base. This expansion occurs through two main vectors: the growth of data from applications already secured by Rubrik and the securing of additional applications and workloads on the Rubrik platform within existing customer environments. Rubrik's average subscription dollar-based net retention rate consistently exceeding 120% highlights the success of this strategy.

• Cross-selling and Adoption of Additional Data Security Products: Beyond its core data protection offerings, Rubrik is driving revenue growth by cross-selling and increasing the adoption of its broader suite of data security products. This includes moving customers from basic backup protection to more comprehensive security, compliance, and governance modules. The adoption of additional security products contributed over 45% to subscription net retention in a recent quarter, up from 34% in the prior-year period.

• Growth in Identity Protection Solutions: Rubrik's identity protection business, which provides recovery capabilities across platforms like Okta, Active Directory, and Entra ID, is a rapidly expanding area. This segment has shown significant customer growth, with the company crossing 900 customers "just on identity" in a recent quarter, doubling from 400 customers three quarters prior, making it the fastest-growing product in Rubrik's history.

• Strategic Expansion into AI Resilience with Rubrik Agent Cloud: Rubrik is strategically extending its data and identity protection capabilities into the emerging AI agent ecosystem with the introduction of its Rubrik Agent Cloud platform. This initiative aims to govern autonomous AI agents and "rewind" their actions, effectively expanding Rubrik's addressable market beyond traditional data security to include active AI operations and governance.

Share Repurchases

Share Issuance

• Rubrik completed its initial public offering (IPO) on April 25, 2024, listing on the New York Stock Exchange under the symbol "RBRK".
• During its IPO, Rubrik sold 23,500,000 shares of its Class A common stock at $32.00 per share, generating approximately $752 million. The company also granted underwriters an option to purchase up to an additional 3,525,000 shares.
• In June 2025, Rubrik issued $1.15 billion aggregate principal amount of 0.00% senior convertible notes due 2030.

Inbound Investments

• Microsoft has held a stake in Rubrik since 2021.

Outbound Investments

• Rubrik has made five acquisitions between 2020 and 2025.
• The company acquired Predibase, an AI application development platform, in June 2025.
• In August 2023, Rubrik acquired Laminar, a data security posture management platform, for $104.9 million, including $90.8 million in cash.

Capital Expenditures

• Rubrik's capital expenditures were -$15.88 million in fiscal year 2021, -$20.45 million in fiscal year 2022, -$34.30 million in fiscal year 2023, -$12.33 million in fiscal year 2024, and -$16.89 million in fiscal year 2025.
• The company is projected to have capital expenditures of $24.72 million in 2025 and $30.04 million in 2026.
• Rubrik intends to continue investing in research and development to foster innovation across data, security, and AI markets.